Monday, May 12, 2008

New York City: The Price of Land vs. the Building

From the Wall Street Journal's Real Time Economics blog:

Housing and office space prices in Manhattan are sky-high. But how much of that is the land?...

...In their paper out today, the researchers found the average price of land in the New York metro area was at $366.08 per square foot in 2006, up sharply from $71.95 in 2002 and $46.65 in 1999, with prices highest in midtown and sharply dropping off with distance....MORE